Is an Oriental Insurance Officer Involved in a Rs 6.03 Crore Fraud in Gujarat?
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Synopsis
The CBI has filed charges against a former Business Manager of the Oriental Insurance Company for alleged fraud involving Rs 6.03 crore in Gujarat. This case raises significant concerns about corporate governance and accountability in financial institutions.
Key Takeaways
- The CBI is investigating a significant fraud case involving Oriental Insurance.
- Allegations include misappropriation of Rs 6.03 crore.
- The accused has admitted partial repayment of the amount.
- Corporate governance issues are highlighted in this case.
- Legal proceedings are underway against the former Business Manager.
New Delhi, Dec 20 (NationPress) The CBI has charged a former Business Manager of Oriental Insurance Company for the alleged misappropriation of Rs 6.03 crore from the official accounts of the company’s Surendranagar unit in Gujarat, an official disclosed on Saturday.
The FIR against Sanketkumar Rasiklal Vaghela received approval from Kalaichelvan Chandran, Superintendent of Police, ACB, Gandhinagar. It was filed on Friday, citing various penal provisions involving forgery, cheating, criminal breach of trust, and misconduct.
As per the CBI, the accused committed the fraud between February 14, 2025, and September 27, 2025, prior to his suspension from the company.
The regional office of the company lodged a complaint with the CBI, asserting that a suspension order was issued to Vaghela on October 7, 2025, signed by the competent authority, the Deputy General Manager.
While acknowledging this suspension, Vaghela claimed in writing that he had returned over Rs 2.34 crore to the company's account on various dates, assuring that he would repay the remaining amount gradually over the next three months.
The complaint indicated that in an email dated October 8, 2025, Vaghela confessed to his errors, stating he had already reimbursed Rs 2.55 crore and would repay the outstanding balance in a timely manner.
The FIR, filed on Friday, disclosed that Vaghela, with malicious intent, misused his official role to transfer Rs 6.03 crore from the company's bank account to his personal account by fabricating bogus vouchers, resulting in a wrongful loss to the company and an unjust gain to himself.
The FIR also noted that prior approval for investigation under Section 17 (A) of the Prevention of Corruption Act, 1988, against the suspended Business Manager has been granted by Divya N. Tahilramani, Deputy General Manager (Competent Authority).
The facts and circumstances suggest prima facie commission of cognizable offences by Sanketkumar Rasiklal Vaghela, the former Business Manager of Oriental Insurance, which are punishable under various sections of the law, leading to the registration of a formal case by the CBI.
Point of View
The allegations against a former officer of Oriental Insurance Company raise serious questions about the effectiveness of regulatory frameworks. As we follow this case, it serves as a reminder of the need for stringent oversight and accountability in the financial industry to protect public trust.
NationPress
23/12/2025
Frequently Asked Questions
What is the fraud amount involved?
The fraud amount involved is Rs 6.03 crore.
Who is the accused in this case?
The accused is Sanketkumar Rasiklal Vaghela, a former Business Manager of Oriental Insurance.
When was the FIR registered?
The FIR was registered on December 20, 2025.
What were the charges against the accused?
The charges include forgery, cheating, criminal breach of trust, and criminal misconduct.
What action has been taken against the accused?
The CBI has filed an FIR and initiated investigations against him.
